A sombre stage had been set for months before the new Labour government’s first Budget. The gloomy messaging began when Rachel Reeves unveiled told the Commons the public purse was facing a £22bn “black hole” at the end of July. It continued when the prime minister warned that the coming event would be “painful.”
With these bleak warnings in place, many predicted the worst from the fiscal event. Some expectations were met: the chancellor confirmed £40bn in tax rises, announcing expected tweaks to capital gains, national insurance and more.
